Body seeks tariff removal on cement imports for lower prices

MANILA, Philippines - The Philippines’ trade department is seeking to eliminate taxes on cement imports after receiving word that local producers will increase their prices by P10 to P12 per bag effective this month. Cutting tariffs on imported cement will make product prices “more affordable," the Department of Trade and Industry (DTI) Secretary Peter B. Favila said in a statement. “Of course, the cement will be subjected to tests to ensure that it complies with Philippine quality standards. We do not want to compromise safety," Favila added. Tariffs charged on cement made from Asean countries are levied a three percent duty while those from outside the region are charged five percent. Cement companies including Holcim Philippines and LaFarge have yet to submit documents justifying their increases, Favila said. He earlier warned cement producers that they may be charged with profiteering if they impose price hikes without providing any justification. - GMANews.TV